chapter5demandthebenefitsideofthemarket-閱讀頁
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【正文】 le only in wholenumber amounts, list all possible binations of the two goods that Tom can purchase each week with his allowance. All binations must be within Tom’s budget Possible binations of pizza and rentals ($6/slice, $3/rental) Tom’s total weekly allowance ($24) 0 pizzas, 8 movie rentals $24 1 pizza, 6 movie rentals $24 2 pizzas, 4 movie rentals $24 3 pizzas, 2 movie rentals $24 4 pizzas, 0 movie rentals $24 Chapter 5 Problem 10 10) The buyers’ side of the market for amusement park tickets consists of two consumers whose demand are as shown in the diagram below. a) Graph the market demand curve for this market. 24 Tickets/yr Price ($/ticket) 96 0 36 Tickets/yr Price ($/ticket) 48 0 The market demand curve is the horizontal summation of the two individual demand curves. First, we need to derive the demand curve for consumer A and B. P = a bQ Demand curve for Consumer A: P = 24 – 24/96 Q1 P = 24 – Q1 Demand curve for Consumer B: P = 36 – 36/48 Q2 P = 36 – Q2 24 Tickets/yr Price ($/ticket) 96 0 36 Tickets/yr Price ($/ticket) 48 0 Price ($/ticket) Consumer A (Ticket/yr) Consumer B (Ticket/yr) Total Quantity $36 0 0 0 $24 0 16 16 $0 96 48 144 $12 48 32 80 The market demand curve is the horizontal summation of the two individual demand curves. Horizontal Summation b) Calculate the total consumer surplus in the amusement park market if tickets sell for $12 each. Total Consumer surplus is the cumulative difference between the most the buyers are willing to pay for each unit (reservation price) and the price they actually pay (market price). Total Consumer surplus is the cumulative sum of difference between their reservation prices and the market price. That is, the sum of the three shaded areas: 2 49 6t i c k e t s / y rP r i c e( $ / t i c k e t )4 83 6P r i c e( $ / t i c k e t )t i c k e t s / y r1 4 4t i c k e t s / y rP r i c e( $ / t i c k e t )3 62 42 41 21 21 6 1 61 28 048 32 ? Area of the small triangle: ? ($12/ticket x 16 tickets/yr) / 2 = $96/yr ? Area of rectangle: ? ($12/ticket x 16 tickets/yr) = $192/yr ? Area of large triangle: ? ($12/ticket x 64 tickets/yr) / 2 = $384/yr 2 49 6t i c k e t s / y rP r i c e( $ / t i c k e t )4 83 6P r i c e( $ / t i c k e t )t i c k e t s / y r1 4 4t i c k e t s / y rP r i c e( $ / t i c k e t )3 62 42 41 21 21 6 1 61 28 048 32 ? Total consumer surplus: $96/yr + $192/yr + $384/yr = $672/yr 2 49 6t i c k e t s / y rP r i c e( $ / t i c k e t )4 83 6P r i c e( $ / t i c k e t )t i c k e t s / y r1 4 4t i c k e t s / y rP r i c e( $ / t i c k e t )3 62 42 41 21 21 6 1 61 28 0End of Chapter 5
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